Palomar partners with Pure Programs on complex construction project offering

Palomar Holdings is looking to grow its recently established E&S carrier platform with a new partnership to provide capacity to Pure Programs to offer owners of high-value homes undergoing complex construction projects an insurance and risk management solution.

The new program has been structured to provide coverage of up to $20mn for luxury construction projects, including ground-up new builds, major renovations and additions.

The La Jolla, California-based carrier’s subsidiary Palomar Excess and Surplus Insurance Company will provide the paper for the new offering, with Pure Programs acting as the MGU on the program.

MGU Pure Programs offers specialised E&S insurance and risk management services to members of high-net-worth specialist reciprocal exchange Pure.

Commenting on the tie-up, Palomar’s head of programs Jason Sears said: “Ultimately, the goal with all of our partnerships is to further penetrate our core markets through data-driven strategic offerings that address market needs and provide steady returns for our shareholders.”

He added that Palomar looks to partner with leaders in their specialised sectors.

“Pure Programs and its affiliated businesses, including Pure Insurance, fit this requirement in the high value builders risk insurance space and we could not be more excited to commence this partnership,” said Sears.

Pure Programs president and CEO Mark Galante added: “We are excited to partner with Palomar to offer a solution aimed not only at protecting our customers’ homes during construction, but also making them more resilient so they can be enjoyed by future generations.”